Toronto, Ontario–(Newsfile Corp. – November 29, 2022) – Tenet Fintech Group Inc. (CSE: PKK) (OTC Pink: PKKFF) (“Tenet” or the “Company”), an innovative AI service provider and operator of the Business Hub™, today announced its financial results and operating highlights for the three-month and nine-month periods ended September 30, 2022. The Chinese economy as a whole continued to languish from the effects of sporadic government-imposed COVID-19 lockdowns throughout the quarter, which had an impact on the Company’s operations. Tenet cautioned that its third quarter results, coupled with the prevailing difficult economic conditions in China, will likely cause its 2022 revenue to come in below the guidance last updated in May 2022.
Tenet generated $21.6M in revenue in Q3 and had a net loss of $7.7M as the Company continued to invest to launch its North American operations in the fourth quarter of 2022 and diversify its revenue streams. All amounts expressed are in Canadian dollars.
Q3 Financial Highlights:
- Total Revenue of $21.6M
- Adjusted EBITDA of ($3.8M)
- Net Loss of ($7.7M)
Summary of Quarterly Evolution of Revenue, Adjusted EBITDA and Net Income (Loss)
|Q3 2022||Q2 2022||Q1 2022||Q4 2021||Q3 2021|
|Net Income (Loss) 3||($7,715,209)||($6,332,672)||($3,359,601)||($49,994,623)||$1,526,286|
1 Expenses, for the calculation of Adjusted EBITDA, do not include finance costs, interest, taxes, depreciation (including impairment of intangible assets) loss on settlement of debt, gain on bargain purchase and amortization.
2 Adjusted EBITDA equals net income (loss) before finance costs, taxes, depreciation, amortization and impairment of intangible assets, loss on extinction of debt, gain on bargain purchase and amortization. Adjusted EBITDA is provided as a supplementary earnings measure to assist readers in determining the Company’s ability to generate cash flows from operations and to cover finance charges. Adjusted EBITDA and EBITDA are also widely used for business valuation purposes. Adjusted EBITDA does not have a standardized meaning prescribed by IFRS and may not be comparable to similar measures presented by other companies.
3 The net loss for Q3 2022 included a total of $4,218,826 in impairment charges related to the Company’s acquisition of the Heartbeat platform. Part of the impairment charges may be reversed in the future as the platform makes more substantial contributions to the Company’s revenue.
Q3 Operating Highlights:
- Over 1,000 registered truck drivers on YunFleet shipping and transportation platform in China
- $1.7M in revenue from insurance related services
- $1.1M in revenue generated from YunFleet platform
- Over 2,000 pre-registered SMEs for Canadian launch of Business Hub™
ABOUT THIRD QUARTER FINANCIAL AND OPERATING RESULTS SUMMARY
Although COVID-19 related shutdowns continued to hamper the Chinese economy and the Company’s operations during the quarter, Tenet was still able to make progress on some important elements of its business plan in China. The Company was able to continue to diversify its revenue stream and create synergies between its offerings.
Canadian SMEs continued to respond very favorably to the Company’s value proposition, which helped Tenet’s Business Hub™ to surpass 2,000 SME pre-registrations during the quarter. The Company was able to formulate its initial advertising offering to potential advertisers who would want to reach SME owners and executives, positioning Tenet to record its first revenues in Canada sometime in Q4 2022.
In summary, the Company generated revenue of $21,585,258 for the three-month period and $88,758,946 for the nine-month period ended September 30, 2022, compared to $25,695,570 for the three-month period and $70,584,525 for the nine-month period ended September 30, 2021.
Total expenses before taxes for the quarter amounted to $30,164,621, compared to $23,312,024 for the same period in 2021. The net loss for the third quarter of 2022 was $7,715,209 compared to net income of $1,526,286 for the same period in 2021.
Full details of the Company’s third quarter 2022 financial results can be found in the Unaudited Condensed Interim Consolidated Financial Statements and Management’s Discussion and Analysis (MD&A) for the three-month and nine-month periods ended September 30, 2022 and 2021, which are available at www.sedar.com.
Tenet will host an investor webinar on Wednesday, November 30 at 8:30 am EST, where President & CEO Johnson Joseph and CFO Jean Landreville will discuss the Q3 2022 financial results. Registration for the event is available at: https://app.webinar.net/rx0dwdpwzZn
About Tenet Fintech Group Inc.:
Tenet Fintech Group Inc. is the parent company of a group of innovative financial technology (Fintech) and artificial intelligence (AI) companies. All references to Tenet in this news release, unless explicitly specified, includes Tenet and all its subsidiaries. Tenet’s subsidiaries provide various analytics and AI-based services to businesses and financial institutions through the Business Hub™, a global ecosystem where analytics and AI are used to create opportunities and facilitate B2B transactions among its members. Please visit our website at: http://www.tenetfintech.com
For more information, please contact:
Tenet Fintech Group Inc.
Branka Petrovic, Investor Relations & Marketing
CHF Capital Markets
Cathy Hume, CEO
416-868-1079 ext.: 251
MZ Group – MZ North America
Mark Schwalenberg, CFA
Follow Tenet Fintech Group Inc. on social media:
Forward-Looking Statements / Information:
This news release may include certain forward-looking information, including statements relating to business and operating strategies, plans and prospects for revenue growth and listing plans, using words including “anticipate”, “believe”, “could”, “expect”, “intend”, “may”, “plan”, “potential”, “project”, “seek”, “should”, “will”, “would” and similar expressions, which are intended to identify a number of these forward-looking statements. Forward-looking information reflects current views with respect to current events and is not a guarantee of future performance and is subject to risks, uncertainties and assumptions. The Company undertakes no obligation to publicly update or review any forward-looking information contained in this news release, except as may be required by applicable laws, rules and regulations. Readers are urged to consider these factors carefully in evaluating any forward-looking information.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/146171
Stockify goes fully Digital, offers Mutual Funds and Dematerialization of shares
In a strategic move to expand its offerings and provide a comprehensive suite of financial services, Stockify, a leading platform for Unlisted and pre-IPO shares in India, has announced plans to venture into the Mutual Fund space.
This development comes as part of Stockify’s mission to assist High-Net Individuals (HNIs) and Non-Resident Indians (NRIs) in accessing various investment opportunities in India via the pre-IPO route and maximizing their wealth. The company is also set to facilitate the Dematerialization of Shares. (Conversion of Physical Share to DEMAT account.)
Founded by Piyush Jhunjhunwala (CA, CPA) and Co-Founded by Rahul Khatuwala (CA) both seasoned finance professionals with decades of experience in global conglomerates.
Stockify has already carved a niche for itself in the Indian Financial landscape. The platform primarily focuses on providing access to Blue-Chip Stocks before their listing on the Indian Stock Market (via the Pre IPO Route) enabling early investors to potentially achieve significant returns. While expressing the company’s intent behind expanding its services, Jhunjhunwala said, “Mutual Funds are the backbone of the Indian Equity market, and we believe it is important that NRI and retail investors in India can greatly benefit from our new offering and this will help them in creating long-term wealth.”
The recent announcement of Stockify entering the Mutual Funds market follows the company’s successful acquisition of a Mutual Fund license in the first quarter of 2023. Alongside Mutual Funds, Stockify intends to offer an array of other financial products, like Start-up Funding, fixed investment products like Bonds and Non-Convertible Debentures (NCDs) and Insurance-Linked Investments, in the coming months. Notably, Stockify plans to make all its products and services 100% accessible online, aligning with the Digital India vision of our beloved Prime Minster Mr. Narendra Modi.
Currently, Stockify boasts 70 Unlisted/pre-IPO companies on its platform, with in-depth research conducted on all of them as stated by Jhunjhunwala. It offers a simple online process where transactions can be completed online, and shares get transferred to the clients DEMAT account on the same day.
Stockify’s global presence was recently showcased at the Dubai Fintech Summit (DFS). The two-day event brought together over 5,000 C-suite leaders, 1,000-plus investors, and 150 speakers from around the world. Stockify was selected as one of the proud exhibitors at the summit, solidifying its position as one of the world’s largest providers of pre-IPO and Unlisted Stocks in India.
With its ambitious expansion plans and commitment to innovation, Stockify is set to continue revolutionizing the way investors access and engage with financial opportunities in India and beyond.
VerifyVASP Wins Hong Kong’s IFTA Fintech and Innovation Awards 2022/23: Regulatory Technology Award
VerifyVASP was awarded the Institute of Financial Technologists of Asia (IFTA) Fintech and Innovation Awards 2022/23 for Regulatory Technology. The awards exhibit the extraordinary achievements made by companies and individuals in the finance and technology industries.
The IFTA Awards, themed “Game Changers: The Rise of Next Gen Fintech”, celebrates ground-breaking ideas and technologies that are shaping the future of finance. The distinguished Guest of Honour presenting the IFTA awards was the Under Secretary for Financial Services and the Treasury for Financial Services in the Hong Kong SAR, Mr. Joseph Ho-Lim Chan.
VerifyVASP has established itself as a comprehensive Travel Rule solution provider catering to Virtual Assets Service Providers (VASPs) worldwide. Its commitment to facilitating full compliance with Travel Rule regulations across multiple jurisdictions has earned it this prestigious recognition.
This accolade comes at an opportune time, as VerifyVASP supports the Hong Kong Virtual Asset Trading Platforms (VATPs) in adhering to the regulatory framework set forth by the Hong Kong Securities & Futures Commission, which came into effect on 1 June 2023. VATPs are granted a grace period till 1 January 2024 to ensure compliance with Travel Rule requirements.
The IFTA Fintech and Innovation Award underscores VerifyVASP’s capabilities, including:
- Facilitation of counterparty due diligence: VerifyVASP assists VASPs in counterparty due diligence before the first transaction, to stringent standards akin to that observed in correspondent banking. This is achieved through VerifyVASP’s own rigorous due diligence process, encompassing over 100 VASPs.
- Immediate and secure transmission: Leveraging a scalable architecture, VerifyVASP ensures immediate and secure transmission of required information, alongside verification of such information. To date, the platform has processed over 5 million transfers.
- Adherence to international data protection laws: VerifyVASP complies with international data protection law thanks to its decentralised, end to end encrypted architecture. This dedication to data security and privacy sets it apart in the industry.
- Asset agnostic: VerifyVASP’s capabilities extend to accommodating any type of virtual asset, having processed over 400 cryptocurrency variants on its platform.
- Integration of third-party screening solutions: VerifyVASP seamlessly integrates third-party solutions, allowing for efficient screening of originators or beneficiaries before blockchain transactions.
SOURCE VerifyVASP Pte Ltd
Nagad’s Digital Bank on cards, Sadaf to lead the side
Nagad, Bangladesh’s leading Mobile Financial Service (MFS) provider, is gearing up to establish the much-anticipated digital bank, as it is going to secure a licence from the Bangladesh Bank within a couple of months.
Sadaf Roksana, a co-founder and executive director of Nagad Ltd., has been entrusted with the responsibility of leading her company’s transformative venture that will bring greater convenience to the lives of millions of Bangladeshis, reducing their reliance on traditional brick-and-mortar banks.
The MFS provider earlier applied to secure a digital bank licence following the central bank’s call for applications through its website. The Bangladesh Bank also formulated necessary guidelines to widen and accelerate financial inclusion, which will also create jobs for young IT workers.
The world’s fastest mobile money carrier is going to venture into the digital banking era at a time when the financial landscape across the globe is fast evolving towards digitalisation, driven by technological advancements and changing consumer preferences.
Taking on the new assignment, Sadaf, a seasoned financial executive with a remarkable track record in the fintech industry, is poised to steer Nagad’s digital bank towards success. Once Nagad gets the digital bank licence, it will provide its consumers with innovative and convenient banking solutions.
“We are very excited that we are going to introduce digital banking services to the people of Bangladesh within a couple of months,” Sadaf said, adding, “This endeavour aligns perfectly with our vision of enhancing financial inclusion and ensuring easy access to all financial services also at affordable prices.”
Nagad is already well-equipped to launch a digital bank. It will start serving customers soon after getting the licence, Sadaf assured.
Under its digital banking platform, Nagad will introduce many new services, such as single-digit and collateral-free loans for small informal businesses and farmers who now are to take loans from moneylenders even at 40% interest rate per day, she pointed out.
“Thus, we will encourage them to come under financial inclusion, thus putting their money into the formal channel,” she expressed her optimism.
To assess one’s creditworthiness, Nagad has created an AI-based credit rating system that will analyse all transactions-related data available on public domains using one’s NID and mobile number, Sadaf Roksana added.
As Nagad goes ahead with its plans, all eyes will be on Sadaf Roksana and her team as they will embark on this exciting journey towards a more digitised and inclusive financial future for the country.
SOURCE Nagad Limited
- JUSTIN ROSE NAMED WINNER OF THE NICKLAUS-JACKLIN AWARD PRESENTED BY AON AT 44TH RYDER CUP
- Safra New York Corporation Completes The Acquisition Of Delta North Bankcorp.
- EMpact launches its venture studio in Central America, heralding a new approach to impact investing in frontier markets
- Bitcoin Price Climbs 3% on US Shutdown and Yields Gloom, But Bitcoin Minetrix Raises $200,000 and Is the Real Winner
- Webb Unveils Tangle Network Testnet, Pioneering the Future of Private, Decentralized Applications
- AMD Unveils Purpose-Built, FPGA-Based Accelerator for Ultra-Low Latency Electronic Trading
- AIIB, Türkiye Sign EUR150 Million Loan Agreement as Additional Funding for Istanbul Seismic Mitigation and Emergency Preparedness
- L’Oréal groupe OFFICIALLY OPENS NEW UK HEADQUARTERS IN WHITE CITY
- Digital Twin Market size worth USD 133.7 Billion, Globally, by 2030 at 38.1% CAGR: Verified Market Research®
- Swoop and Sage Unveil Global Partnership to Revolutionise Business Funding and Cost-Savings Solutions
- Swoop and Sage Unveil Global Partnership to Revolutionize Business Funding and Cost-Savings Solutions
- BGC Group Updates its Outlook for the Third Quarter of 2023
- Halifax Agrees to Acquire the Worldwide Home Care Division of Sodexo
- 2023 World Design Cites Conference Opens in Shanghai
- Embracing common values of whole mankind: China’s commitment to brighter future
Fintech PR2 weeks ago
2023 Asian Green and Low-Carbon Development Roundtable successfully held
Fintech PR2 weeks ago
Aon Joins International Emissions Trading Association as First Member with Risk Capital Capabilities
Fintech PR2 weeks ago
Wearable Devices and IoT Revolutionize Healthcare Monitoring and Weight Management
Fintech PR2 weeks ago
MYEG PARTNERS CHINA’S BEITOU IT INNOVATION TO SHOWCASE DIGITAL IDENTITY CREDENTIALS SERVICE ON THE ZETRIX BLOCKCHAIN
Fintech PR2 weeks ago
Tom Fitzpatrick Joins R.J. O’Brien as Managing Director, Global Markets Insights
Fintech PR2 weeks ago
Stockings shift toward subscriptions this holiday season for UK shoppers, according to Recurly research
Fintech PR2 weeks ago
IM Cannabis Announces CFO Departure
Fintech PR2 weeks ago
MAX Exchange and Bitget announce strategic partnership, marking MAX Token’s debut on an international exchange